tv Bloomberg Markets Americas Bloomberg October 18, 2017 10:00am-11:00am EDT
♪ vonnie: here are the top stories from the bloomberg and around the world, adp hitting back against bill with a new shareholder letter out this morning. lots of accusations. we have an interview with the ceo carlos rodriguez this hour. then, oil prices moving higher before inventory data with iran on traders mines. we will speak with the ceo of the trading giant veto. and the chinese president laying out an ambitious strategy as they open up the communist party congress. find out what he said about foreign access and a lot more. that is coming up, but we are 30
minutes into the trading session already. julie hyman keeping an eye on things. reached the0, we level yesterday, closing just below it with the doubt hitting and other record -- dow heading another record. s&p 500 at another record. nasdaq not quite there, little change but to the downside. for thebeen ramping up anniversary of black monday, october 19, 1987 is the date we have been watching. and that is when we saw the market crash. we want to put things into prepress -- into perspective. this looks at percentage changes in point changes in the dow jones industrial average. you see it, it shows how big of an anomaly it was. to put it into perspective, if you would see the same change today in the dow jones, the same magnitude, it would be about 5000 points coming off of the dow jones industrial average.
so to show how unusual it is. the moves we have seen recently are much smaller, not just in the dow but with the freedom -- but with the three major averages. withve seen point moves, the s&p 500 be in the tightest. all year. why is the dow outperforming today? look at three stocks in particular, the leaders. ibm out with their earnings, the best reaction to the earnings report from ibm going all the way back to january of 2009 when it reported a fourth-quarter 2008 numbers. of the company predicting that sales will be growing and it will be coming from the legacy hardware business -- business, rather than cloud and data, the new services. unitedhealth group rising. earnings continuing into the upward momentum. goldman sachs bouncing back after it fell in response to earnings yesterday.
and we are looking at financial movers, the financial industry movers.northern trust coming out with numbers that beat estimates. now looking at cutting the about $250 rate, million in savings by 2020. shares higher good interactive brokers -- and interactive brokers group in their estimates. pg --e want to group from for two point $3 billion -- shares are up 4%. mark: 5% below our record that we set in april 2015, 2.5 years ago. black monday, the stock 600 falling. it was at a record. but we are up today, the highest level since june 19. busy day for corporate. dutch down by 1.9%, the company exporting capital. and abandoning the target for proper growth this year after challenging markets with high
raw material prices, third-quarter profits missing estimates. a pretty turbulent 2017 good and thented bid from -- with attention of the investor leading to the departure of top management. the new chief executive facing the task of rebuilding shareholder confidence. today.o novell is lower pfizer looking at health businesses as -- pins hope for growth on brands like baby formula after a second cut in the sales forecast this year. what will happen, it will create two autonomous units, creating rb health and home responsible for their own accounts. they came after the quarterly revenue missed estimates because of a cyber attack, lackluster demand for new products, and other worries. down by 2.1% today. and unemployment here in the u k
holding to 42 year low in the three months through august, a number of people in work approaching a record high. wage growth with little changed, just above 2%. that is the blue line right there. it is well behind the rate of inflation, the white line, which came out yesterday. it is higher. we are no signaling longer prepared to wait for a pickup in inflation or a wages, should i say, before tightening the policy. and 4.2% in the latest period, below 4.5% rate regarded by the boe as the equilibrium rate, the pressure on living standards continuing into the latest three months with regular pay growth falling in real terms for a sixth consecutive month. inflation, 3%, paid 2%. that is the big story. vonnie: we will be following
that throughout the morning. and the afternoon. ok, check in and out first word news. here is emma. emma: the president of china kicking off a gathering of the communist party expected to cement his influence for the next decade. he spoke for more than three tors, laying out a roadmap turn china into a global power by the middle of the century. he called for more reforms in the industries, also promising to open the door to foreign businesses. in the u.s., senator alexander said that president trump called him to prop up obamacare. he and patty murray have reached a deal to give it subsidies. the agreement still facing republican opposition in both houses of congress. meanwhile, president trump willing to compromise on the key components of the republican tax plan. according to a white house official, the ministers and is open to -- the deductions for
state and local taxes, instead of ending it altogether. lawmakers in high tax states pushing back against ending the reduction. and european union countries keeping hope alive i trade deal with the u.k. according to officials, the trade talks should begin as soon as they decide the u.k. has offered enough in brexit negotiations. the negotiations, however, remain stalled for now. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm emma chandra. this is bloomberg. vonnie? vonnie: thank you. coming up, a billionaire activist on the defensive about his stake in adp. carlos rodriguez getting his chance to push back. it is an interview later this hour. right now on capitol hill, the u.s. attorney general jeff
♪ vonnie: live from world had coded -- headquarters in new york and london, i'm vonnie quinn. mark: this is "bloomberg markets." gold sliding for a fourth day. the likelihood the next fed chairman will be more hawkish. climbing back about $52 april for crude oil. joining us to discuss. todd, how are we positioned? how should we be positioned ahead of the oil inventory data in 19 minutes time? guest: i think the data has been priced into the market and they are expecting slight declines. i think over all the numbers we have seen have been supportive of the higher prices, but the real one that stands out is not the tension in the middle east, those come and go like the wind. the rising demand expectations component we are hearing out of
the middle east, that will keep the prices on the rise as well as opec can maintain the cuts beyond what the current settings are. extend theec does production cuts, what is the upside for oil? todd: i think 54 is a tough level to get to. not only has there been technical resistance, but it will bring in more producers. when we talk about the cuts being status quo, that is where the demand component will offset the rising production and exports for the u.s., as well as nigeria. so there is a lot of things, so if all the pieces do not come into place do not be surprised to go back toward $50 despite the cuts. mark: gold is waking up from the summer slumber. the volatility is back in the market? todd: i wish i could say yes. in moments, yes.
with gold pricing we have seen the ascension from mid august 1360, of 75, to around two where we are now. i think a lot of it is about the position move. yes there is tension and defense inherited in the gold pricing and there is a dollar component as well, but the dollar has been sliding all year, so i do not atone to that with the price action we see. it is about fed policy and the government and confidence in the dollar. it is still waning. the gold shift we have seen is a liquidation trade from the highs. i am bullish, despite the moves we have seen, it until we get a trade below 1275. right now, a tough one to hold onto. if you are adding on the way down, you will be well rewarded if and win the fair ted comes out and volatility -- fed chair comes out in volatility comes
into the market. mark: with the fed chair, where is your money? todd: i think it went on the former governor kevin marsh. now you see it shifting to governor parnell. he is an extension of the current administration, and i think he brings hawkishness that would bring volatility to the markets, something maybe the rates market has been searching for. i think it is a two horse race between those two. i think janet yellen already said farewell. mark: thank you for joining us, todd. futures in focus. vonnie: good stuff. time for the latest business bloomberg flash, the biggest stories right now. when of the largest health insurer is pp -- one of the biggest publisher is setting up their own management unit. and them says it will use the new unit to grow the business. they have expressed that express
scripps has overcharged them by billions. and teaming up with apple to make mobile devices. managinggned for plants and factories, part of ge's efforts to ramp up sales of services. ford recalling 1.3 million of their trucks because of a defect in the door. they say they are not aware of any accidents or injuries blamed on the problem. the recall will cost ford over $200 million in the fourth quarter. and that is your latest bloomberg business flash. ofna's president has warned challenges as he laid out a roadmap, turning the country into a global power by 2050. paul wraps up the first day of the twice a decade communist party congress. speech bys a sweeping the chinese president, he is the most powerful leader china has
had in generations. he was laying out his vision, touching on everything from military reform, cultural reform, to the economy. on that subject, he talked about the need for the greater role of state companies to play here. he talked about real estate spectators, and the need for the reform of the exchange rate and interest rate regimes. take a listen. systemfoundational formation increased the percentage of management used to deep in the interests of read formation based on this market -- reformation based on this market and -- risk. tom: less of a mention of -- des pite concerns from the governor himself that the debt level in china is too high. we also did not hear very much
about capital market reforms, and there was a previous pledge to double per capita income by 2020, that was removed from the speech, and it may have implications for the gdp target going forward. it was a framework for china for 2022, very much within the prism of a stronger and more robust communist party with president xi at the center of the organization. tom mackenzie, bloomberg beijing. vonnie: and mark, this was a three hour long speech. the previous speeches may be 75 minutes, 95 minutes, this was 180 minutes for the president. mark: yes, and what stood out for me was the fact he dropped, quietly dropped the gdp doubling by 2020, which tao said we needed that by then, equating to
about 6.5%. instead, he reiterated and replaced it with a big vague commitmenta with building a prosperous society by 2020. still, the goal could be reached. vonnie: conservative on state owned enterprises, something people were looking out for. insisted on the place of the communist party and the social a strategy when it comes to actually embracing some of the market reform. anybody thinking that could change, that is not changing anytime soon, at least on the outside. coming up, an exclusive interview with the ceo of adp, carlos rodriguez and the battle ongoing with his board and activist investor bill ackman. that will be later this hour. this is bloomberg. ♪
♪ this is "bloomberg markets." i'm mark barton in london. vonnie: from new york i'm vonnie , quinn. the oil market, executives gathering for a conference in london. we are there. we are looking at the ceo of the largest independent oil trader. reporter: thank you. we have the ceo of -- joining us. >> nice to be here. reporter: let's go over the big issues. we have geopolitics in kyrgyzstan with iraq. the question for the market is, how confident are you that the traders will be repaid? think theent do you
market should be on repayment at this stage? >> for the market they probably do not care about repayment, they care about what will the barrels come out to be. and obviously, it is uncertain. i think we do not know. i think there is probably, it is looking uncertain whether it will carry on in the short-term. i think the greater risk for the market is we will not say 5000 barrels, we may see a lot less. it is a concern for the market. and there will be short-term price pressure. reporter: well that be about $60 a barrel? it was $55 a barrel? >> that was for something different. it is where it will be next year, not the next couple months. reporter: take kyrgyzstan out. >> i think it will push the market of. i think we will see the magic 6. it will make the saudis happy. reporter: let's talk about the
trading business, what you do the best. and vitol. you are a veteran dealmaker. how close are you to purchasing the noble group and trading operations? >> that is one i cannot give you a good answer on. obviously, we are engaged and we have been talking with them. it is not a secret. i'm not sure. we are confident we will have a deal. there are some technicalities which make it obviously we have many businesses and they are looking for a deal, so it is difficult to know how it will end up. reporter: is the stumbling block price? >> um. you are leading me on. you must not do that. reporter: indeed. >> i'm sorry. [laughter] >> i think it is more the overall terms and conditions. reporter: i want to understand, you say with the kyrgyzstan issue we could have a provocation above $60 in the
near term, opec or non-opec, do they need to extend? they said this morning, there must be a two-year deal. >> i think if they want to get agency the market moving up they probably want to extend, you know, i think it will be increasingly difficult for them to do, because there is upward pressure on production in many of the countries. but yes, i think for the price to continue moving in a northerly direction, they need to extend. reporter: the men you are sitting with, they know more about oil compared to everybody else in the world. everybody wants to know, what can you tell me about the physical draw on the market, thinkers dropping -- tankers dropping, can you confirm it is physical? >> there is physical -- the stocks are below where they were. and you know, i think the market has tightened up.
remember, it was in substantial links, now we have moved to a modest acquisition. reporter: finally, the factors. they are -- frackers. they are pesky. do you think they will come out and cap the market. what is your view on them in the states? >> that is probably one of the biggest downside in the market, the fact that we still see huge amounts of -- the production coming from the states. we are moving a lot of oil, even more and more from the u.s. all the way over to the far east. i think it will have an impact. that is one of the reasons in the short-term i think i could be bearish. reporter: i hope you come back and have a long-term conversation with us. is taylor in london, he quite the rockstar of the event. he has people following him. i am happy about that. we have the right guest with the
right view. back to you. vonnie: all you need is bickering m&ms -- the green m&ms. thank you. we will have oil inventories in london, bringing those to you. plus, our exclusive interview with carlos rodriguez, ahead of the company's annual shareholder meeting in november. the crucial vote could decide the fate of the board. bill ackman is demanding change. i will speak with carlos rodriguez, coming up next. this is bloomberg. ♪
release of the weekly inventory data in the united states. ofling for a mild drawdown 4.8 million barrels, crude trading higher today on the geopolitical risk. julie is here. julie: we have a draw down considerably larger than estimated, 5.7 million barrels. you said the estimate was for a drop of 3.8 5 million. gasoline inventories are climbing. and on the downside, the negative side for oil, the 900-8000 barrels in gasoline, the job000 barrels -- there -- drop there. we have an immediate reaction here that is somewhat negative. take a look at the bloomberg. it is more clear, take by take. and here we have oil coming off the highs of the session, still
higher i about a quarter of a fit of a 1%. becauseng a downdraft, even though we had the drawdown in oil inventories, the gasoline perhaps problematic in the minds of the traders. and as always, we will get monitoring the numbers to see how they shake out. and also, you can always monitor the reaction to this on the bloomberg. vonnie: thank you for that. well, adp handles the payroll for roughly one in six americans. we usually talk about adp here on bloomberg. but recently, the company has been in focus because of a battle. bill ackman pushing for three board seats at the next board meeting. adp with a letter to shareholders, urging them to reelect the current 10 directors. "part of the difference is maybe
a lack of appreciation for how much risk there is the client retention." we are joined by the president who wrote that, the ceo carlos rodriguez. thank you for joining us. bill ackman said he could help drive the share price to as much as $255 from where it is now in the $120 range. he contends he could improve the margins by 12 basis points. and with new directors and possibly a new ceo, but that is upper question, that the company would do better for the shareholders. do you think you got off to the wrong start and this has gotten more nasty than it needed to? carlos: i think we have moved on. we obviously have a different idea about the pace and risk involved in moving as aggressively as bill is suggesting.
he has had prior experience with different companies, like with jcpenney, and we want to make sure we do not make the same mistakes here. vonnie: we can totally get into the impact his position of valeant had, whether it made money for the shareholders is another question. but he makes good points about margin improvements. there are risks and so forth, but what is wrong with his argument that you need to improve the margins and there are obvious ways to do it? carlos: we will bring about the jcpenney, the idea of the margin improvement. he brought it to the ceo. he had his own plan and it did not work out. vonnie: it is a different industry. retail has its own problems. let's concentrate on adp. why is it a bad argument? carlos: we have made progress already and we have a plan. over the last six years, the
margins have improved 580 basis points. we just guided to another improvement over the next three years. so bill is advocating for a 1200 basis point margin improvement, but over the course of 6-9 years we have been able to accomplish the same thing, so it comes down to a different in pace and risk. vonnie: i do not think anybody would dispute you have a fantastic record as the head of the company and its shareholders have been happy so far, but if there is improvement to be made quicker, why reject that idea? why not make more advancements quicker? carlos: i think part of what has happened, we were contacted in august. does notill ackman have a lot of data around the investments we have been making in technology and the transitions we have made, we have moved over 80% of our clients to the cloud technology. it is not accurate that we are
not focused on technology. we have brought on three new directors, including two of them who have technology experience. vonnie: exactly. you are doing well. everybody on one network. but why not then put a headcount and save costs in those businesses before you can get to the others and make technology advancements there? carlos: we have made great progress in a small division -- in the small business division and we have gotten great deficiencies. efficiencies. vonnie: but no less headcount. carlos: but we have disclosed are margins publicly and they thedouble what they were in small business division and we hope to do that in other parts of the business as we continue the transformation we have underway. vonnie: you say the costs, although you have not mentioned how many, we will grant you
that. so another place is bulk where you could put in the efficiencies. carlos: i think it was miscommunication here. we publicly announced the restructuring plan 18 months ago and we took a charge in order to consolidate our footprint, so no disagreement, i do not know why bill was not aware about that. vonnie: are you talking about headquarters? carlos: no. i thought his point was consolidating the locations, which is underway. vonnie: what is the exact plan? carlos: i think we have approximately 130 locations, and we will reduce it to 60 of them. we have closed down different locations. vonnie: so it would go down from 50,000 employees? carlos: carlos: we are focusing on growing the business in improving the productivity of our workforce, not just cutting the headcount. bill's though's plan -- plan would be around 20,000 jobs
to go away come out of 58,000 that we have today. with a good present risk to the company and to our clients, but we have a plan we have been executed for the last six years that is driving strong revenue growth. which leads to good margin improvement. vonnie: talk about the board. why 10 directors? wants 3,ive bill -- he but woulhat would be that is managed to bring on more people who would have new ideas? carlos: no harm in bringing in more. we do have the size of 10 people. and i think we have interviewed the three candidates he proposed and we came to the conclusion there is no added value. we have brought on for new directors over the last three years, so it has been refreshed and there is a good mix of tnure and fresh thinking -- tenure and fresh thinking, so the conclusion was there were no
new ideas or added skills brought to the board. vonnie: definitely some directors that the shareholders are happy with. so why glenn hubbard? he is a name that comes up a lot. he has board experience, maybe too much. maybe he is on too many boards and cannot add anything. carlos: i think he is a fantastic director and a look at him as a person with a lot of experience. known as anry well economist, as you know, and he adds a lot of value in terms of keeping us informed on what is happening in the economy. adp relies a lot on what is going on from the economic standpoint, given the business we are in, so i think glenn is a very strong director that we are happy with. up until now, nobody has ever questioned his value to the board. vonnie: i should mention that two of the candidates along with
himself, bill ackman is proposing to put on the board or replace, will be having a ineside chat tomorrow chicago, so they will get their say. is very positive on the company, but he also says that there are advantages here and that perhaps, you know, there is a way for you guys to work together. and maybe that board expansion could take place next year. it is maybe too late for this year. carlos: the board is always open to ideas, we have been listening to bill. there was a special meeting to listen to his ideas about margin expansion and at some of the other ideas he has around consolidating operations, so the board is always open and continues to be open to new ideas. vonnie: why so many layers of management? carlos: we do not have a lot of
layers. bill, just because he says -- vonnie: how many layers do you have? carlos: in some places we have seven. and we have global operations extending up until 9. vonnie: why 9? carlos: we have 58,000 employees, so if you start with me and you look at normal control, i have 12 director most -- direct reports, large companies have about 7-9, if they are run efficiently. it is something we looked at six years ago, we had an initiative where we brought in outside help to reduce the layers. we went from the higher layers to the lower layers, and we did it again in 2016. we do it on a regular basis. vonnie: how about the survey that found maybe about half of
the shareholders are open to the bill ackman idea, maybe half backing you. it sounds like there is appetite for some of his ideas. what you think will happen going forward? maybe get a little bit warmer. i mean, he is part of the company. carlos: it is already warm between us. vonnie: not hot. carlos: we have been meeting with investors and we have our own survey we are doing. we interviewed 48 people, 24 them were shareholders. we have thousands, as you can imagine and he did not disclose the percentage of ownership they have and not many of them were hedge funds. vonnie: definitely random. carlos: not just random, just not physically valid. we believe based on the meetings we have had with the investors, they appreciate our performance
and of the plan we have going forward. vonnie: you would imagine less than that would be in favor of his ideas? carlos: we are counting on that. otherwise we would not be in the proxy battle. vonnie: i hope you come back. the meeting taking place on november 7. carlos: i would love to come back. vonnie: thank you very much. mark: excellent interview. coming up, our big blue strikes back. finally starting to pay dividends for ibm. this is bloomberg. ♪
barton. vonnie: in new york i'm vonnie , quinn. this is "bloomberg markets." we are checking in on first word news. emma: there will be an early test to the decision to take it ever stand on the iran nuclear agreement. the u.s. ambassador to the united nations will try to measure the secret counsel support for the american criticism of the deal. u.s. allies have said they will still back the accord. senate republicans appeared to be willing to risk a budget fight that could result in a government shutdown. they have drafted a homeland security spending bill that will include $12 billion that the president wants for the wall at the mexican border. democrats say they will not go for it. in spain, the government will decide whether to oust the president of catalonia in the next 24 hours. onpokesperson says it hinges whether he renounces his acclaimed independent. theyndependent spirit --
have been tried to get them to back down. angela merkel beginning talks with creating a government coalition. she is holding separate meetings with the green and democratic party on the agreement with cabinet posts and policy. it is a combination that has not been tested at the national level in germany. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm emma chandra. this is bloomberg. vonnie: thank you. turning onto the stock of the hour, ibm. they are soaring. and this on a third quarter beat. we are bringing in abigail doolittle. interestingly enough, this was huge. >> it was the quality. this company has been struggling and this is the first time we see the shares going higher after they reported earnings the second time in 13 quarters, so a very big one.
going above the 200 day moving average, relative to the quality it is the stronger growth in the strategic imperatives. take a look at this. we have this including mainframes, software and security. we see in the i.t. services dashboard, you see a spike higher for the mainframe business. they have a new mainframe and apparently it is helping the company improve the numbers. likely to continue into the year end. so it looks like the momentum could keep going. vonnie: i do not want to say -- sorry. mark: is this the turning point for ibm? abigail: it is probably too early to say, but morgan stanley says they see it as an inflection point. let's take a look. from what? from a lot of pain. we are looking at the stock in 2013, above $200.
at one point, below $120. losing $100 per share between those years, so that has been a drag. morgan stanley saying they expect the improving revenue and profits to help. take a look at the financial analysis, because here for revenue we see it has been declining on a year-over-year basis, going all the way back to 2012 for the main cap, large cap, make it cap -- mega cap company. but now we're looking for the increase. and a look, going into 2013 2014 when it was above $200, big increases for earnings and not surprisingly we had a drop. but look at this year, looking for a return to growth for earnings. it could be the driver for the stock. and also the fundamentals for ibm. vonnie: thank you. you said it, mark.
we do knowledge of jinx the company. mark: bloomberg business flash, looking at the biggest stories. right now, this world biggest hedge fund adding to its economy, bridgewater associates disclosing the $300 million -- the oil and gas company. earlier reporting that they had shorted six at sign institutions and other companies. the chief executive will be on at 2:00 p.m. eastern, 5:00 p.m. in london. and the world's largest maker of industrial cable is preparing to make an offer for an american rival. according to people familiar with the matter, the 20% premium to general cable stock price. at is when bloomberg reported the interest. and a chinese venture firm igd
capital wanted to cash in on self driving and other car technologies, according to a presentation for the investors. about $1.5 billion they want to raise for the startup. conn speaking with financial institutions. this for several months. that is the latest bloomberg business flash. vonnie: still ahead, traders and farmers feeling the pain in grain. we get to the root of the shakeup and what is plaguing the agricultural industry. this is bloomberg. ♪
volatility and trading opportunities for those coming to tighten their belts. at least 40 cm -- 40 senior managers in trading houses have left their positions this year, but check this out, agriculture accounting for half of the job changes in commodities this year. and a glutton pushing the bloomberg agriculture sub index down 50% from its peak. here to tell us all about it, bloomberg's commodities reporter. thank you for joining us. why are so many agricultural traders moving around more than their counterparts in oil or the metals industry? we sawing at the chart before, this is a snapshot of the industry. it was compiled by a record agency based in england,
obviously there are thousands of different traders out there. agricultural traders are undergoing changes at the moment, it is something we saw ago as wea few years had a slowdown in china, they shakeup of management, so this is the same for agricultural now. mark: what are they doing to adapt to the new conditions? >> there are things they are trying to do. obviously they are cutting costs. that is one thing. they are reducing the redundancy. and they are trying to enter the niche market. and the margins are marked higher. they are trying, they are trying to enter the original partnerships as well. even entering the higher value market, for example meet processing, that could -- meat
processing, that could be an example. mark: will it provide an opportunity for the smaller merchants? >> it does. the more specialized you are, the better. we have seen several companies growing on the back of their -- by focusing on their particular region. we have seen more, more scope for development in certain regions where you see a lot of grown, thatof wheat is regional growth right now. industrys has been an dominated by the -- forced to make these wide-ranging changes. what is the future of the industry? >> for now, we are not expecting a bull market in grain. the bumper harvest, the glut of grain is here to stay for now. but what we expect is consolidation.
as i mentioned, partnerships, or even mergers. we have not seen those for some time. obviously, as you know, so far this year it has been dominated by the talk about glencore merging with one of the abcd traders. for now, we have to wait and see, but definitely those in the industry are talking about consolidation and it could mean fewer job opportunities. mark: thank you for coming. wonderful story on the bloomberg today. coming up on the european close, the following stocks -- we are less than 30 minutes away. the close is next. this is bloomberg. ♪
see how much you can save. choose by the gig or unlimited. xfinity mobile. a new kind of network designed to save you money. call, visit, or go to xfinitymobile.com. mark: 11:00 a.m. in new york and 4:00 p.m. in london. 30 minutes left in the trading day in europe. from london, i am mark barton. vonnie: from new york, i am
vonnie quinn. this is the european close on bloomberg markets. ♪ mark: here are the top stories from the bloomberg and around the world. the ecb will remain accommodative as the fed may turn hawkish, driving stocks and the dollar higher. how to invest amid central bank uncertainty. i wall street firms set to get a major reprieve from the upcoming missive to rules and learning goldman sachs may chart $50,000 for post- mifid research. president trump due to meet with members of the senate finance committee, a key committee when it comes to passing tax reform. can he make progress towards